Bahri's Q4 Profit Dips 42 pct
Bahri, the exclusive oil shipper for Saudi Aramco made a net profit of 327.8 million riyals ($87.4 million) for the three months to Dec. 31, it said on Monday. That compares with 566.4 million riyals in the fourth quarter of 2015. Alistithmar Capital and Albilad Capital had forecast the company would make a quarterly net profit of 454.60 million riyals and 431.00 million riyals respectively. Saudi companies issue brief earnings statements early in the reporting period before publishing detailed results later. The board of Bahri has proposed an annual cash dividend for 2016 of 2.5 riyals per share, the company said last month. Reporting by Hadeel Al Sayegh
Saudi Shipper Bahri Q3 Net Profit Falls
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 37.6 percent drop in third-quarter net profit on Monday. The company's net profit for the three months to Sept. 30 was 318.4 million riyals ($84.92 million), down from 510.3 million riyals in the same period a year earlier, it said in a bourse statement. Alistithmar Capital and Albilad Capital forecast the company would make a quarterly net profit of 391.6 million riyals and 525 million riyals respectively. Bahri, one of five Saudi stocks not open to direct purchase by foreign investors, attributed the profit decrease to a year-on-year decline in spot market shipping rates and lower profits from its Petredec affiliate. It did not elaborate.
Saudi Shipper Bahri Q3 Net Profit Rises
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 501 percent increase in third-quarter net profit on Tuesday. The company made a net profit of 510.3 million riyals ($136.10 million) in the three months to Sept. 30, up from 84.85 million riyals in the same period a year earlier, it said in a bourse statement. Bahri attributed its profit increase to higher revenues following its merger with Vela Marine International, higher profits at affiliate Petredec Ltd and lower bunker costs. Bahri did not state its quarterly revenue. Albilad Capital forecast Bahri would make a third-quarter profit of 300 million riyals.
Saudi Shipping Firm Bahri Posts Big Jump in Q3 Profit
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a significant hike in third-quarter net profit on Thursday. The company's net profit for the three months to Sept. 30 was 510.3 million riyals ($136.1 million), up from 84.85 million riyals in the same period a year earlier, it said in a bourse statement. Albilad Capital forecast the firm would make a quarterly profit of 300 million riyals. It attributed the profit rise to an increase in the company's very large crude carriers (VLCC) fleet after a merger with Vela Marine International Ltd. Among other reasons, it also cited a decrease in average bunkering fuel cost.
Saudi Shipper Bahri Says Q2 Profit Doubles
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, said on Monday its second-quarter net profit more than doubled due to increased fleet size and rates for transporting spot crude. The company's net profit for the three months to June 30 was 342.5 million riyals ($91.3 million), compared to 130.4 million riyals in the same period a year earlier, it said in a bourse statement. Albilad Capital had forecast that Bahri would make a quarterly profit of 350 million riyals.
